The six month extension to the project completion deadline granted by the UP government will lessen the financial stress of developers.
The UP government has given 6 more months to builders in Noida , Greater Noida and Yamuna Expressway to complete their pending projects. The earlier three month extension to developers has now been extended from June to December 2020. This deadline has been extended without imposing additional charge/penalty on developers for project delay. Further, to ensure ease of doing business, the state government has relaxed the change of land use and land acquisition.
Says Mr. Pradeep Aggarwal, Founder & Chairman Signature Global Group and Chairman Assocham National Council on Real Estate, Housing & Urban Development, ” This is a relieving development for the developers. They have been facing rough weather with regards to projects completion due to labour shortage and supply chain disruption. Now, this policy move by the UP government has given breathing time to financially stressed developers.